Rihanna loses almost $36 million as her luxury fashion venture with LVMH fails
The 37-year-old artist collaborated with the company in 2019 to introduce a luxury apparel line called Fenty, which was marketed under the trade name Project Loud France in reference to the singer’s fifth album, Loud.
With Rihanna contributing €29,988,000 and LVMH contributing almost €30 million, her investment was considerable.
However, the business was shut down in 2021, citing a strategic shift in focus to her lingerie and cosmetics businesses.
Now, the singer has suffered a huge loss of almost $36 million, according to financial statements from Denim UK Holdings, the company’s British-registered subsidiary through which Rihanna invested.
According to The Daily Mail, which leaked the documents, Rihanna’s attempts “flopped,” and the company shut down in 2021 as a result of the pandemic.
The hands-on designer Rihanna was reportedly unable to visit the Parisian atelier or the Italian fashion firms that produced the items because of travel limitations during COVID-19.
The label’s cost at launch garnered attention.
A corseted shirtdress costs about $810, while a padded denim jacket costs almost $1,000.
In contrast to Rihanna’s previous lines, including Fenty Beauty or Savage X Fenty, the brand is positioned at the ultra-premium end.
“LVMH and Rihanna reaffirm their ambition to concentrate on the growth and the long-term development of the Fenty ecosystem, focusing on cosmetics, skincare, and lingerie,” the LVMH and Rihanna statement read at the time of closure.
Officially registered in Paris under the name “Project Loud France,” the fashion brand never made the kind of impression on the market that was anticipated.
The loss is a unique financial setback in Rihanna’s otherwise prosperous commercial career. The singer has amassed a fortune from her endeavors in entertainment, lingerie, and beauty.
She has a 20-year career and, as of this year, is thought to be worth at least $1 billion.
Producer Evan Rogers discovered her as a youngster, and she became well-known throughout the world thanks to singles like We Found Love and Umbrella. With Fenty Beauty and Savage X Fenty, she created a multibillion-dollar business that is renowned for its inventiveness and inclusion. One of the most important people in contemporary culture, the nine-time Grammy winner has sold over 250 million singles worldwide and starred in movies including Ocean’s 8.
